Ineos shareholders vote close of Grangemouth complex

24-Oct-13

Ineos’ petrochemical plant at tGranhe gemouth complex is to close following a meeting by Ineos shareholders in London, as per prw.com. The company's shareholders met to discuss the response of staff to proposed changes to pay and conditions. The facility has been shut for a week due to an ongoing dispute between Ineos and the Unite union. Ineos made the announcement following a meeting with its workforce at the plant and its associated oil refinery. Ineos chairman Jim Ratcliffe said liquidators would be appointed within a week. In a statement to workers he said: “This is a very sad day for everyone at Grangemouth. Management spoke to all 1,370 employees and asked them to support the changes required to save the business. Sadly half of them voted against the plan on the advice of the Unite trade union.” Workers at the site had been given until 18:00 on Monday to agree to the changes, which included a pay freeze and downgrading of pensions. Unite said half of the 1,350-strong workforce had rejected the proposed changes to contracts. The company has said the plant, which has been shut down for a week because of the dispute, is losing £10 mln a month. Ratcliffe said at the weekend if the petrochemical plant closed it was likely the refinery would go too. Ineos has said it is ready to invest £300 mln in Grangemouth, but only if workers agree to the new terms and conditions.